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Automotive Battery Thermal Management System Market Report 2024-2033: Size, Share, Growth, Trends, Analysis, Outlook
Automotive Battery Thermal Management System Global Market Report 2024 by The Business Research Company offers comprehensive market insights, empowering businesses with a competitive edge. It includes detailed estimates for numerous segments and sub-segments, providing valuable strategic guidance.
The Market Size Is Expected To Reach $7.45 billion In 2028 At A CAGR Of 18.8% :
The automotive battery thermal management system market size has grown rapidly in recent years. It will grow from $3.13 billion in 2023 to $3.74 billion in 2024 at a compound annual growth rate (CAGR) of 19.7%. The growth in the historic period can be attributed to government initiatives for electric vehicles, reducing cost of ev batteries and growing demand for electrical vehicles.
The automotive battery thermal management system market size is expected to see rapid growth in the next few years. It will grow to $7.45 billion in 2028 at a compound annual growth rate (CAGR) of 18.8%. The growth in the forecast period can be attributed to rapid growth in ecommerce, increasing fuel costs and restrictions on sales of petrol and diesel vehicles. Major trends in the forecast period include focusing on advanced thermal interface materials to improve temperature resistance, developing smart battery thermal management techniques for better heating and cooling, developing innovative technologies and focusing on partnerships and collaborations to expand product portfolio and geographic presence.
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Automotive Battery Thermal Management System Market Major Segments
The automotive battery thermal management system market covered in this report is segmented -
1) By Technology: Liquid Cooling And Heating, Air Cooling And Heating, PCM And Other Technologies
2) By Battery Type: Conventional, Solid State
3) By Vehicle Type: Passenger, Commercial
Key Driver - Electric Vehicle Demand Driving Growth In Automotive Battery Thermal Management Systems Market
The rise in demand for electric vehicles is expected to propel the growth of the automotive battery thermal management system market going forward. Rise in fuel prices, carbon emissions, and many other factors are mutually contributing to rapid growth in the adoption of electric vehicles across the globe. The rapid growth in demand for electric vehicles is expected to boost the utilization of automotive battery thermal management systems, as they are widely used for safe and effective functioning of the vehicle. For instance, as of May 2022, data from the International Energy Agency, an independent intergovernmental organization based in France, indicated a significant surge in electric vehicle (EV) sales. In 2021, EV sales had nearly doubled compared to the previous year, reaching a new high of 10.2 million units in 2022. Furthermore, the global sales of electric cars in 2023 are projected to reach 14 million units, reflecting a remarkable growth rate of 35%Therefore, a rise in demand for electric vehicles is expected to boost the demand for automotive battery thermal management systems during the forecast period.
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Prominent Trend - Increasing Embrace Of Thermoelectric Technology In Automotive Battery Thermal Management Systems
Innovative solutions based on thermoelectric technology is a key trend gaining popularity in the automotive battery thermal management system market. Major companies in the automotive battery thermal management system market are advancing in their new technologies and research and development of the automotive battery thermal management system to meet industry demands and strengthen their business position. For instance, in May 2022, Modine Manufacturing Company, a US-based manufacturer of thermal management solutions launched Evantage Thermal Management systems for commercial chassis. Evantage BTMS optimizes the temperature range for the entire range of batteries with a single unit, while minimizing power draw.
Automotive Battery Thermal Management System Market Players
Major companies operating in the automotive battery thermal management system market report are BorgWarner Inc, Robert Bosch GmbH, Hanon Systems, Valeo, Mahle GmbH, Denso Corporation, Panasonic Corporation, Dana Incorporated, Gentherm Incorporated, LG Chem Ltd, GS Yuasa International Ltd, Samsung SDI Co., Ltd, Contemporary Ampere*x Technology Co. Limited (CATL), Sunwoda Electronic Co, Tianneng Group, Chaowei Power Holdings Limited, Desay Battery Co. Ltd, BYD Company Limited, SVOLT Energy Technology Co Ltd, EVTronic, Britishvolt, Aceleron, Zenobe, Northvolt, Verkor, Italvolt, Fortum, Volkswagen, Bayerische Motoren Werke, Groupe Renault, Varta, SAFT, Entere*x Polska Sp. z o.o, Behr Service Polska, Orion BMS, CapTherm Systems Inc, Modine Manufacturing Company, Grayson, Bravo Motor, Great Wall Motor, Horwin, Smart Modular Technologies, IntelBras, Tecsys, Byvin, HDK Electric Vehicles, Ingersoll Rand Inc, Polaris Industries, Speedway Electric, Eleksa EV, Melex Electrovehicles, GridCars, Mazibuko Motor Company, El Nasr Automotive Manufacturing Company, Jet Motors
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Largest And Fastest Growing Region In The Market
Asia-Pacific was the largest region in the automotive battery thermal management system market in 2023, and it is also expected to be the fastest-growing region in the forecast period. The regions covered in the automotive battery thermal management system market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
The Table Of Content For The Market Report Include:
1. Executive Summary
2. Automotive Battery Thermal Management System Market Report Structure
3. Automotive Battery Thermal Management System Market Trends And Strategies
4. Automotive Battery Thermal Management System Market - Macro Economic Scenario
5. Automotive Battery Thermal Management System Market Size And Growth
…..
27. Automotive Battery Thermal Management System Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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